Delhi, India-based fintech startup BankSathi Technologies raised US$ 200,000 in a seed funding round on 16 May 2021.
Investors: The fundi round was led by a group of angel investors including Dinesh Godara, founder, TREAD (founder Wifistudy, which got acquired by Unacademy), Rajendra Lora, founder of Freshokartz and Anuj Ahuja and Aditya Talwar, founders of Studybase.
Purpose of the funding: The funds raised will be used by the startup for product development, team building and executing marketing and growth plan.
About BankSathi
Founded in 2020 by Jitendra Dhaka, Sandeep Choudhary and former banker Himanshu Pujari, BankSathi allows people to become advisors and provide financial advice and products to the customers and get a fast payout every month. The startup aims to promote the role of financial advisers in decision-making while buying retail loans, credit cards and insurance products, through the BankSathi Advisor app.
Features in the App:
· Knowledge and Training
· Track your leads
· Track of your transactions
· Share marketing content
· Set reminder for customers
· Find top performers on the leaderboard
Advisors can be an advisor for their lifetime as there is no retirement age. They just need to understand and sell an array of financial products to the customers. From a housewife to a student or someone already from a financial background, who wants to earn extra income without making any investment can become an advisor of the app. The training and sales team of BankSathi, provides assistance to advisors, helping them achieve their goals.
The app is user-friendly and is available in Hindi and English wherein advisers can easily get themselves trained in financial products by accessing short videos.
BankSathi claims that it has around 5,000 advisers across 700 PIN codes of India. The startup is currently offering 45 products of 15 financial institutions (FIs) and targeting 1 million advisers, and 150 products of more than 50 FIs to distribute through BankSathi App by the end of 2021.
What the founders have to say: “This brings an urgent requirement of a technology-based solution, which can help financial advisers earn more via a trustable and easy to use platform.” — Himanshu Pujari.
“Covid-led lockdowns have brought the technology at least five years ahead, and buying behaviour of customers has also changed a lot. This secular shift is going to help BankSathi a lot.” — Sandeep Choudhary.
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